The opportunity costs of land is largely determined by

Facts, measurements, or statistics that describe the world are referred to as:

A) data. B) models. C) hypothesis. D) empiricism.

You are thinking about buying a house. You find one you like that costs $200,000 . You learn that your bank will give you a mortgage for $160,000 and that you would have to use all of your savings to make the down payment of $40,000

You calculate that the mortgage payments, property taxes, insurance, maintenance, and utilities would total $950 per month. Is $950 the cost of owning the house? What important factor(s) have you left out of your calculation of the cost of ownership?